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During the year, trc corporation has the following inventory transactions.date transaction number of units unit cost total costjan. 1 beginning inventory 54 $46 $2,484apr. 7 purchase 134 48 6,432jul. 16 purchase 204 51 10,404oct. 6 purchase 114 52 5,928506 $25,248for the entire year, the company sells 440 units of inventory for $64 each.required:1. using fifo, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.2. using lifo, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.

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anthougo

The calculation of the ending inventory, cost of goods sold, sales revenue, and gross profit is as follows:

                                               FIFO                    LIFO

Goods available for sale   $25,248               $25,248

Ending Inventory                $3,432                 $3,060

Costs of Goods Sold         $21,816               $22,188

Sales Revenue                  $28,160               $28,160

Gross Profit                        $6,344                $5,992

Data and Calculations:

Date   Description               Unit    Unit Cost    Total

Jan. 1 Beginning inventory   54          $46        $2,484

Apr. 7 Purchase                   134            48           6,432

Jul. 16 Purchase                 204             51         10,404

Oct. 6 Purchase                   114            52          5,928

                                           506                     $25,248

Sales                                   440         $64      $28,160 ($64 x 440)

Dec. 31 Ending inventory    66 (506 - 440)

FIFO:

Ending inventory = $3,432 (66 x $52)

Cost of goods sold = $21,816 ($25,248 - $3,432)

LIFO:

Ending inventory = $3,060 (54 x $46 + 12 x $48)

Cost of goods sold = $22,188 ($25,248 - $3,060)

Learn more about FIFO and LIFO at https://brainly.com/question/24938626

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